Excelsior Correspondent
JAMMU, Oct 11: Bari Brahmana Industries Association (BBIA), has alleged that Government has failed to release the funds to pay fiscal incentives of the industrialists in the State.
In a meeting of the members of Bari Brahmana Industries Association held today under the chairmanship Lalit Mahajan, president in presence of Tarun Singla, senior vice president, Ajay Langer vice president, Viraaj Malhotra general secretary, Rajesh Jain secretary and Vivek Singhal treasurer and others, the members discussed the acute financial problem being faced by Industrial units of J&K.
During discussion, the member raised the issue regarding payment of hundreds of crores of the Industrial Units pending with the Govt in respect of non- release of payment for the reimbursement of IGST/CGST/SGST and 2% Refund claims in lieu of CST to the Industrial Units as the claims of hundred of crores pending with the State Tax Department/ Central GST Department due to non- release of payment by State Finance Department and DIPP(Govt of India) to Govt Treasuries/Central GST Department in spite of the facts that as per the notification, the payment shall be released within 21 days from the date of submission of claims by the Industrial units. There must be penalty on the Government as well, they maintained.
It was also discussed in the meeting that the GST Department has extended the date for the submission of GST return for the period of August and September 2019 upto October 20, 2019 but the GST Department is charging interest on the Deposit of payments after September 20, for the period of August 2019.
It was also highlighted in the meeting that the working capital of the units holders exhausted due to piling of stocks in the units due to limited availability of Transport vehicles for Kashmir Valley forcing the Unit holders to curtail the production resulting the Unit holders not able to pay the GST/Power bills/Bank interest on working capital and term Loan in near future. Due to blockage of Funds, number of accounts of the Industrial units may be in-operative in near future resulting the same may be declared as NPA by the Banks. They sought the intervention of the State Governor into the matter.
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